Use the following information to answer the giv... - WAEC Accounting 1990 Question
Use the following information to answer the given question:
\(\begin{array}{c|c} & N \ \hline \text{Stock at 1st Jan. 1901} & 6,500 \ \text{Stock at 31st Dec. 1901} & 5,500 \ \text{Creditors at 1st Jan. 1901} & 4,000 \ \text{Creditors at 31st December 1901} & 5,000 \ \text{cash paid for goods during the year} & 20,000 \ \text{Gross profit} & \text{25% on cost} \ \text{Administrative and selling expenses} & 2,750
\end{array}\)
The gross profit for the year for the year is
\(\begin{array}{c|c} & N \ \hline \text{Stock at 1st Jan. 1901} & 6,500 \ \text{Stock at 31st Dec. 1901} & 5,500 \ \text{Creditors at 1st Jan. 1901} & 4,000 \ \text{Creditors at 31st December 1901} & 5,000 \ \text{cash paid for goods during the year} & 20,000 \ \text{Gross profit} & \text{25% on cost} \ \text{Administrative and selling expenses} & 2,750
\end{array}\)
The gross profit for the year for the year is
A
N6,625
B
N6,250
C
N6,000
D
N5,500
correct option: d
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